$BANKS - Small and mid-cap banks are trading below normal valuation ranges (8-9x vs 10-14x normal) with improving M&A environment and deregulation catalysts ahead.
$BNP - French bank BNP trading at deep discount to tangible book value with improving ROE trajectory from 8% to 11% and aggressive buyback program.
$GS - Societe Generale trading at just 35% of tangible book value with ROE improving from 5% to 8% to 11% target and beating earnings consistently.
$AMP - Ameriprise has compounded earnings at 17% for 10 years yet trades at just 11x earnings, with aggressive buybacks reducing share count by 60% since IPO.
$RJF - Raymond James has compounded at 17% annually for 40 years since 1986 IPO but remains undervalued relative to its consistent growth record.
Bearish:
$JPM - JPMorgan trading at expensive 15x earnings and 3x tangible book value with management selling stock and complaining about buyback prices.
$MORTINS - Mortgage insurers face headwinds from home price volatility, high interest rates, and rising inventories in COVID boom real estate towns.
$OWL - Blue Owl faces credibility issues with aggressive lending, questionable loan valuations, and market skepticism about their liquidity claims.